Need a ledger and a journal
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Need a ledger and a journal
![Owners Equity
Owner Capital-Theo
Assets
Liabilities
$ 10,000
1,000
12,000
Cash.
Notes Pay.$ 8,000
Аcс Pay
Supplies.
2,000
.$6,250
Vehicle.
Unearned
Owner's Capital- Sophie
.$6,250
Less: Acc. Amo . 2,000
2,000
$1,000
1,000
Salary Pay.$_500
Revenue.
Acc Rec.
Prep Ins.
Total Owners Capital
Total Assets .$24,000
| Total Liabilities. $11,500
- $12,500
Give discounts Pre-Tax
ASSUME 13% HST
August
1. You buy 100 units of Tea for $5 each on account from Tea Group according to the terms
3/15, n/60. You will sell for $15 each
2. You buy 100 units of Coffee for $4 each on account from Coffee Corp according to the
terms 2/10, n/30. You will sell for $10 each.
3. When the tea arrived you noticed 10 units were damaged and received an allowance
for this damage. You also had to pay a $50 shipping fee.
4. You paid $500 towards your notes payable and delivered $500 of the goods you owed.
5. You Paid your workers what you owed them from last period.
6. Theo gave $5,000
7. Sophie gave $5000
8. Mrs. White bought 20 units of tea. You gave her a 10% discount.
9. Ms. Pink purchased 30 units of coffee but you had to pay a $50 shipping fee.
10. Mr. Green bought 20 units of tea and 20 units coffee on account.
11. Ms. Pink returned $30 worth of coffee.
12. Mr. Green returned 2 units of tea and 1 unit of coffee.
13. Mr. Green paid what he owed.
14. Theo took $50 of cash for personal use
15. You paid for your tea.
16. You paid $400 towards your coffee.
17. Sophie took $50 of supplies for personal use
ADJUSTING ENTRIES
record using up $200 of supplies
record using $100 prepaid insurance
record amortization for your vehicle of $200
record a long distance phone bill of $100 that you will pay next period.
31.
31.
31.
31.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa364cc5d-3edb-4088-86c7-74e13c8a5163%2Fe26cc2e9-49b7-4dcd-b46b-4be030fd6155%2Fu4woei_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Owners Equity
Owner Capital-Theo
Assets
Liabilities
$ 10,000
1,000
12,000
Cash.
Notes Pay.$ 8,000
Аcс Pay
Supplies.
2,000
.$6,250
Vehicle.
Unearned
Owner's Capital- Sophie
.$6,250
Less: Acc. Amo . 2,000
2,000
$1,000
1,000
Salary Pay.$_500
Revenue.
Acc Rec.
Prep Ins.
Total Owners Capital
Total Assets .$24,000
| Total Liabilities. $11,500
- $12,500
Give discounts Pre-Tax
ASSUME 13% HST
August
1. You buy 100 units of Tea for $5 each on account from Tea Group according to the terms
3/15, n/60. You will sell for $15 each
2. You buy 100 units of Coffee for $4 each on account from Coffee Corp according to the
terms 2/10, n/30. You will sell for $10 each.
3. When the tea arrived you noticed 10 units were damaged and received an allowance
for this damage. You also had to pay a $50 shipping fee.
4. You paid $500 towards your notes payable and delivered $500 of the goods you owed.
5. You Paid your workers what you owed them from last period.
6. Theo gave $5,000
7. Sophie gave $5000
8. Mrs. White bought 20 units of tea. You gave her a 10% discount.
9. Ms. Pink purchased 30 units of coffee but you had to pay a $50 shipping fee.
10. Mr. Green bought 20 units of tea and 20 units coffee on account.
11. Ms. Pink returned $30 worth of coffee.
12. Mr. Green returned 2 units of tea and 1 unit of coffee.
13. Mr. Green paid what he owed.
14. Theo took $50 of cash for personal use
15. You paid for your tea.
16. You paid $400 towards your coffee.
17. Sophie took $50 of supplies for personal use
ADJUSTING ENTRIES
record using up $200 of supplies
record using $100 prepaid insurance
record amortization for your vehicle of $200
record a long distance phone bill of $100 that you will pay next period.
31.
31.
31.
31.
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